FNB Zambia launches eWallet

The First National Bank (FNB) Zambia today launched an electronic wallet (e-Wallet), a cellphone banking service which would enable its account holders in the country using their mobile phones to receive and send money instantly to other people on any mobile network such as MTN or Airtel.

Recipients of the money mostly those without access to the formal banking sector does not require an FNB bank account or card to receive or withdraw money from the bank’s Automated Teller Machine (ATM).

Officially launching the product in Lusaka today, Ministry of Transport, Works, Supply and Communications Acting Director Sechwayo Nzima stated that the launch of the FNB e-Wallet was a reflection of the great changes taking place in the delivery of banking services

using Information Communication Technologies (ICTs) in the country.

ZANIS reports that Mr Nzima hoped that this innovation would usher in an era of delivering banking services to the unbanked communities countrywide and stressed the need for Zambians to move away from the traditional way of doing business to the electronic way.

He noted that Government acknowledged the positive impact that ICTs continued to have on Zambia’s social and economic development and its multiplier effect on other economic sectors and overall contribution to national Gross Domestic Product (GDP).

‘’It is gratifying to note that over the recent past, with the developments in the Banking sector that have involved the use of ICTs, Zambia had registered significant economic growth,’’ Mr Nzima added.

Mr Nzima further noted that the State welcomed FNB’s innovative products and services and its investment in Zambia saying it was gratifying that the development contribute to Government’s goal of bringing banking services to the vast numbers of the country’s unbanked population.

Speaking earlier at the same occasion, FNB Zambia Chief Executive Officer (CEO) Sarel Van Zyl who described the launch of the eWallet as a milestone disclosed that the bank has plans to expand its operations across the country with an estimated total investment of over K60 billion.

Mr Zyl explained that FNB’s long term plan was to have about 20 branches and 80 ATMs spread through the country’s 10 provinces by December this year at the cost of over K60 billion.

However, the FNB CEO told the gathering that the Bank realized that it would take a long time and billions of kwacha to reach all the unbanked people in Zambia.

He expressed confidence that the eWallet would encourage consumers to embrace mobile banking platform along with the Bank’s already introduced Cellphone Banking product.

With the launch of the eWallet, Mr Zyl stated that the bank would like to believe that it now had the most comprehensive and secure mobile banking solution in Zambia for both Corporates and Consumers.

‘’While we want to be known as a bank that is accessible to our customers-how do we intend to achieve that? We will do so through our Mobility Banking Strategy,’’ he said.

ZANIS